ON Is Growing Like Bonkers*

From the official press release:

On achieves strong full year results in 2023, significantly exceeding the expectations set at the beginning of the year, reaching net sales of CHF 1,792.1 million. This reflects a reported growth rate of 46.6% year-over-year and over 55% on a constant currency basis. On further reports a gross profit margin of 59.6%, net income of CHF 79.6 million and an adjusted EBITDA margin of 15.5%, showcasing On’s ongoing commitment to combine strong growth with continuously increasing profitability.

Just bonkers numbers for a brand that didn’t exist just a few years ago. What one can do when Roger Federer infuses lots of cash into your company.

*not an official term used in their investor filing.